SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
CAMBRIDGE FRANCHISE PARTNERS, LLC

(Last) (First) (Middle)
853 BROADWAY, SUITE 2014

(Street)
NEW YORK NY 10003

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CARROLS RESTAURANT GROUP, INC. [ TAST ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/29/2019
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $0.01 per share 25,024 D(1)
Common Stock, par value $0.01 per share 25,058 D(2)
Common Stock, par value $0.01 per share 08/29/2019 J(4) 7,450,402 A(4) $0(4) 14,814,815 I See footnotes(3)(4)(5)(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
CAMBRIDGE FRANCHISE PARTNERS, LLC

(Last) (First) (Middle)
853 BROADWAY, SUITE 2014

(Street)
NEW YORK NY 10003

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Cambridge Franchise Holdings, LLC

(Last) (First) (Middle)
853 BROADWAY, SUITE 2014

(Street)
NEW YORK NY 10003

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Perelman Matthew Terker

(Last) (First) (Middle)
853 BROADWAY, SUITE 2014

(Street)
NEW YORK NY 10003

(City) (State) (Zip)
1. Name and Address of Reporting Person*
Sloane Alexander R

(Last) (First) (Middle)
853 BROADWAY, SUITE 2014

(Street)
NEW YORK NY 10003

(City) (State) (Zip)
Explanation of Responses:
1. Matthew Perelman is the beneficial and record owner of these shares of Common Stock.
2. Alexander Sloane is the beneficial and record owner of these shares of Common Stock.
3. These shares of Common Stock, par value $0.01 per share (the "Common Stock"), of Carrols Restaurant Group, Inc (the "Issuer") are owned of record by Cambridge Franchise Holdings, LLC ("CFH") and were acquired by CFH pursuant to the Agreement and Plan of Merger, dated as of February 19, 2019 (the "Merger Agreement"), by and among the Issuer, Carrols Holdco Inc., GRC MergerSub Inc., GRC MergerSub LLC, Cambridge Franchise Partners, LLC ("CFP"), CFH and New CFH, LLC. On April 30, 2019, at the closing of the transactions contemplated by the Merger Agreement, CFH acquired 7,364,413 shares of Common Stock and 10,000 shares of Series C Convertible Preferred Stock, par value $0.01 per share (the "Series C Preferred Stock"), of the Issuer.
4. The certificate of designations pursuant to which the Series C Preferred Stock was issued provided that the Series C Preferred Stock was not convertible into Common Stock unless and until stockholders of the Issuer approved the issuance of shares of Common Stock upon such conversion in accordance with the applicable rules of the Nasdaq Stock Market LLC and provided that, upon such stockholder approval, the Series C Preferred Stock would automatically convert into an aggregate of 7,450,402 shares of Common Stock, subject to adjustment in accordance with the certificate of designations. On August 29, 2019, at the 2019 annual meeting of the Issuer's stockholders, the Issuer's stockholders approved the issuance of shares of Common Stock upon the conversion of the Series C Preferred Stock and the 10,000 shares of Series C Preferred Stock automatically converted into 7,450,402 shares of Common Stock.
5. Matthew Perelman and Alexander Sloane are the managing principals of CFP, which is the sole member and manager of CFH. Accordingly, each of Matthew Perelman, Alexander Sloane and CFP may be deemed to beneficially own the securities of the Issuer held by CFH. The filing of this statement on Form 4 shall not be deemed an admission that any of the reporting persons beneficially owns any securities of the Issuer not owned directly by such reporting person, and each reporting person disclaims any beneficial ownership of any securities of the Issuer, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise, except to the extent of such reporting person's pecuniary interest therein. The reporting persons may be deemed to constitute a "group" within the meaning of Section 13(d)(3) of the Exchange Act. The filing of this statement on Form 4 shall not be deemed an admission that any reporting person is a member of such a group.
6. Each of Matthew Perelman and Alexander Sloane was appointed to the board of directors of the Issuer as a representative of CFH and, pursuant to the Registration Rights and Stockholders' Agreement entered into by the Issuer and CFH on April 30, 2019, CFH has certain rights to nominate directors for election to the board of directors of the Issuer. Accordingly, each of CFH and CFP may be deemed a "director by deputization" solely for purposes of Section 16 of the Exchange Act.
Remarks:
Exhibit 24.1 - Power of Attorney (incorporated by reference to the Power of Attorney given by CFP and filed as Exhibit 99.10 to the statement on Schedule 13D jointly filed by Matthew Perelman, Alexander Sloane, CFP and CFH on September 3, 2019). Exhibit 24.2 - Power of Attorney (incorporated by reference to the Power of Attorney given by CFH and filed as Exhibit 99.11 to the statement on Schedule 13D jointly filed by Matthew Perelman, Alexander Sloane, CFP and CFH on September 3, 2019). Exhibit 24.3 - Power of Attorney (incorporated by reference to the Power of Attorney given by Matthew Perelman and filed as Exhibit 99.12 to the statement on Schedule 13D jointly filed by Matthew Perelman, Alexander Sloane, CFP and CFH on September 3, 2019). Exhibit 24.4 - Power of Attorney (incorporated by reference to the Power of Attorney given by Alexander Sloane and filed as Exhibit 99.13 to the statement on Schedule 13D jointly filed by Matthew Perelman, Alexander Sloane, CFP and CFH on September 3, 2019).
/s/ Kristin Rulison, Attorney-in-Fact 09/03/2019
** Signature of Reporting Person Date
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